Condos--HOA fees--worth it?

[Indylady]

Hi all! I've been doing some preliminary research to buy a condo in a big city--the plan is to keep an open mind now, but hopefully commit in about one or two years as I near paying off student loans. The HOA fees for condos range from $300-$700. This usually includes water, security, maintenance of the building and common areas, waste, etc. and/or some combination of those things. Those costs do make sense, but over 10 years, I'll easily be paying $50k in HOA fees. That seems like a lot, but perhaps I'm just having sticker shock. Living in a condo lets me live in a 'prime' area of the city, and save a lot of home costs like lawn maintenance, etc. but, fees on the upper end of the scale make me think maybe I should continue renting rather than look for a condo. Buying a house in this city isn't much of an option--I definitely couldn't get the kind of location I can with a condo, and likely I can't afford much either unless I go pretty far out. Do you, or have you owned a condo, and do you think the fees are worth it? What makes you prefer a condo over a home?

 

[kenny]

IMO, a house makes more financial sense in the long run.

 

[missy]

If you cannot afford a house in the city or if you simply want the ease of having others care for your property etc it can be the way to go. I haven't lived in a condo but we have a co-op and our maintenance fees are substantial but definitely worth it. We have the super who lives in our building full time and a couple of porters who take care of things if we need it. We have doormen for added security and for taking packages during the day. That has come in very handy as we like to order things online haha. There are advantages depending on where you live. We also own a house at the jersey shore where we maintain things ourselves and that costs a pretty penny as well. Taxes, lawn and garden maintenance, repairs when necessary. Everything is additional. So really there are pros and cons to both.

One thing you might want to take into consideration (if you already haven't) is that buying a condo now might allow you to trade up (so to speak) to a house in the future if you so desire. My first co-op provided a lovely return on my purchase and allowed us to put a substantial amount down on our next co-op when we needed more space. So IMO home buying (whether house or condo or town home or co-op) when done intelligently (good area, good financials of the bldg you are buying into, not spending more than you can afford or should etc) is always a good investment. As long as you plan on living there for a reasonable amount of time. If you are looking at short term renting might be a better option but if you plan on being there at least 5-7 years I think it's a good decision if all other things are favorable. Good luck IndyLady!

 

[Dee*Jay]

I go through this analysis with my clients all the time, and you're right that there is a lot to take into account.

You may want to make a list of all the things that go into the assessments and figure out what they would cost you if you paid them for a house. E.g., water is included in your assessment; what would it cost you if you owned a house? And do that with everything that's included. Your homeowner's insurance could be significantly different in a condo or a house. Also consider commuting costs, which may be more if you live in a house further out from your office if you work in a downtown setting.

Many condo associations are building a reserve for future projects (roof repair, windows, etc.) so take into account the amount that you would spend for those things too in a house over time. You may be disciplined enough to set aside $X each month to build your own "reserve" for future home repairs, but many people are not and when that $20,000 bill comes from the roofer it's a bit of a shock.

Then here are variables that don't have a dollar figure attached to them... security of living in a communual situation vs. privacy of not having your neighbords knowing your every move... having your packages securely received by someone in your complex versus having boxes left on your front door... so many more.

I'm not sure what location you're in but here (in Chicago) there are different levels of assessments depending on the type of building you're in. High rises with door staff, pools, gyms, on-site management, etc., cost $$$$$ while courtyard buildings without all of those things cost less in assessments. Age of the buidling and construction style are also very important (e.g., brick buildings cost more in terms of tuckpointing on a periodic basis than do some other types of buildings).

That being said, you made the important point that you could live in an area of town that's more appealing if you were in a condo that if you were in a house. Lifestyle is priceless. I go through the same analysis myself every time I move and *for me* living in a condo downtown is "worth more" than having a house in the 'burbs.

 

[ChristineRose]

Condos are generally a better investment than a home. They also have the advantage over apartments that you can pick out your own refrigerator (and dishwasher and carpet and paint and...) and not be stuck with the junk the landlords buy. The downside is that you don't have complete control over the property and there are many condos where the HOA is badly run, the condo can't afford to fix the roof, units are in foreclosure, etc. etc. Look into vacancy rates and such before you buy. As for the fees, if everyone is paying their share (and that's a BIG if) you are much better off paying for 1/13 of a roof than all of a roof, plus you can spend the extra money on things you wouldn't normally be able to buy like an exercise room. So you really aren't losing that money. You may be spending it in places that aren't exactly what you would have chosen, but in terms of adding value to your home, you're way ahead with fees.

 

[MichelleCarmen]

We live in a home that has a HOA fee and I would say it's worth it because our fee is very small and they take good care of maintaining the private parks we have in our subdivision and keep the roads clean, etc. The only frustrating part is we have many lights which are located along the roads and if one is out, they won't fix it. It took almost two and a half years for them to fix the light, which was suppose to keep our section of road lite up, because the budget only allowed the truck to come out if five lights needed replacing. So we had a dark road for quite a while!

A number of years ago, we also lived in a town home condo which had a HOA and that was also not too bad. It was around $200 a month and the fee included garbage, water and all yard maintenance. The plus was we were paying about the same price then as we pay now for water/garbage, so it wasn't an additional cost. The bad part was literally every blade of grass right outside our door wasn't technically ours so I couldn't even touch the plants. If a shrub needed trimming I had to either sneak out at 2 am to trim it or call someone to have it tended to. Also, they are kind of picky when it comes to silly things, like I got a call once to fix the handle on our garage door or be fined! Then, we also were told we would be fined if we parked two cars in our driveway (one had to be kept in the garage). Other silly rules, like we couldn't use our garage for storage, etc.

I was told by a realtor that the HOA in that town home subdivision was also making owners pay huge fees because some units were in foreclosure and others were being expected to come up with $5K+ to cover the costs of renovating the siding or other stuff like that. I don't remember the details too well because we were moving...but, I did hear about other HOAs doing similar to their owners.

 

[zoebartlett]

We've paid HOA fees in various rental condos and in a condo we own when we lived there. We didn't mind the fees because we didn't have to worry about doing the lawn care, snow removal, etc. ourselves.

 

[movie zombie]

before purchasing any condo complex one must:

1-read the CC&R's: this tells you the rules which might limit your ability to rent it out, have a pet, etc. read these thoroughly because you will be held to them. this is the time to ask any questions if you don't see something addressed in them. the CC&R's are the "bible" of how the condo complex is run.

2-make sure there is enough "reserve" in the budget to cover unexpected costs such as damage not covered by insurance to the outside structure. this is the one thing that many HOA's do not do.

3-understand that your dues may be $300-$700 per month now but due to unexpected expenses those dues can and will be raised to cover costs should the need arise. also, there are times with HOA's that it becomes necessary for a big line item expenditure and there can be a lien put on your condo to cover that should you not pony up the big $ at the time it is due.

I don't know what state you are in but make sure to read up as much as possible on your state laws regarding HOA's and their management. try and find reports of those living in the condo complex you are considering to see what they think of the HOA Board of Directors and past issues with the complex and how they were resolved.

I too think there is a time and place for condo ownership......however, it really requires a lot of due diligence on the part of the buyer and I highly recommend attending HOA Board Meetings.

 

[amc80]

I own a condos and have a great HOA. It's well managed and my fees have actually gone down each year. They are very responsive to any issues I have. But, my fees are low ($150 a month). That fee includes exterior maintenance and insurance, snow removal, trash (3x a week!), common area maintenance, and a pool/hot tub/BBQ area. Having said that, if the dues were substantial I'd seriously consider a house. I'm not sure what the difference is between a house and a condo where you are, but where I am it's not that much. There is another condo complex near me where the dues are $450 a month or so. For that, you could get about $75k more (in terms of mortgage payment) and that could definitely get you a nice house here. But, it sounds like you are in an expensive city where the price differential may be higher.

 

[diamondseeker2006]

I do not agree that condos increase in value, in general, more than single family homes. That could be true in certain large metropolitan areas where homes are too far from the center city, but everywhere we have lived, condos were not a good investment but were probably on par with paying rent. We know people now who simply cannot unload condos. Single family homes on land are definitely a better investment where we have lived.

I think condos are great for single people who don't want the hassle of maintenance and desire a particular location where that would be the better option. But I'd do everything I could to try to find a place with fees on the lower end of the amounts you posted!

 

[ChristineRose]

I do not agree that condos increase in value, in general, more than single family homes. That could be true in certain large metropolitan areas where homes are too far from the center city, but everywhere we have lived, condos were not a good investment but were probably on par with paying rent. We know people now who simply cannot unload condos. Single family homes on land are definitely a better investment where we have lived.

I think condos are great for single people who don't want the hassle of maintenance and desire a particular location where that would be the better option. But I'd do everything I could to try to find a place with fees on the lower end of the amounts you posted!

It's just a statement of fact based on price levels. As a group, condos have outperformed homes. There are plenty of places and situations where paying rent turned out to be the better investment as well.

 

[PintoBean]

I like the low maintenance of the co-op we live in right now. The co-op won't rise in value that fast, however, since more people are renting where we live due to difficulty getting loans, rents have gone up. Our building is 60% renters, 40% shareholders. The way the market is now, a 1 BR's rent is higher than my 2BR mortgage + maintenance in our neighborhood. So... if we decide to move on from our co-op, we can either sell, or rent and be able to cover mortgage, maintenance, and then some.

 

[ame]

If I have my way, we will NEVER buy again. It's not been an "investment" at all, and we've seen no positives whatsoever. If renting is out of the picture on our next move, it will be a condo we buy. Never again will we buy a house. But like I said, I never want to buy again.

That said--the Condo sounds like it's more in line with your needs, and more in line with your wants as well, so that's where I'd go vs going further out of town to get a house that doesn't really meet your needs or wants.

 

[Indylady]

Thank you everyone for your responses!


Kenny--Though I do generally agree with that, but its really unlikely that I'll find a house that I can afford and fits even slightly what I'm looking for (near some transit, etc.).

Missy--Thank you for the luck! A co-op sounds really awesome. I've seen one or two advertised in the city, but not many. Your comment about packages really makes sense; I used to live in a building with a front desk that took packages, which was really great. Now, I have my packages sent to a friend that lives in a house (I still live in a building, and packages are either returned to the post office, or outside of the 'front door' of the building on a very busy street) and go pick them up from there. Trading up would be nice too. But, I already feel like I'll be paying a lot for a condo--I can barely imagine paying even!

 

[zoebartlett]

I agree with others people's advice, also. Yes, HOA fees do increase over time, so that's something to think about. While our fees have increased, they haven't gone up a lot, but in other regions, developments, etc., it could be a significant increase.

Condos tend to not sell as quickly as houses do, and in this market, it could be even worse. I don't think the market value of a condo is as good as a stand-alone home. If you decide to sell after a few years, will you be okay renting the condo out if you decide to move on but the condo hasn't sold? Would you be willing to stay there longer if needed? Those are things we've had to think about, anyway, in addition to paying HOA fees. This might depend on where you live and/or where you're looking, but I think in general, it's good to keep those things in mind.

 

[diamondseeker2006]

I do not agree that condos increase in value, in general, more than single family homes. That could be true in certain large metropolitan areas where homes are too far from the center city, but everywhere we have lived, condos were not a good investment but were probably on par with paying rent. We know people now who simply cannot unload condos. Single family homes on land are definitely a better investment where we have lived.

I think condos are great for single people who don't want the hassle of maintenance and desire a particular location where that would be the better option. But I'd do everything I could to try to find a place with fees on the lower end of the amounts you posted!

It's just a statement of fact based on price levels. As a group, condos have outperformed homes. There are plenty of places and situations where paying rent turned out to be the better investment as well.

I understand what you are saying, but unless we know the market she is buying in and what the prices are there, that statement may or may not be applicable to her. My point was that real estate prices vary widely depending on location, so generalizations aren't really helpful. She needs to know the numbers for her own area if she is concerned about investment and resale, etc.

 

[iLander]

It's just a statement of fact based on price levels. As a group, condos have outperformed homes. There are plenty of places and situations where paying rent turned out to be the better investment as well.

Just not correct for all areas, or all (how long we will live here) time durations.

 

[iLander]

There are plenty of places where even houses have HOA fees. All those gated communities gotta pay the guard somehow.

Be careful, because a fee that is considered high (as compared to a town's average fee) will make it harder to sell. And that high fee will make it appear to be a "good deal" because the price is lower than comps.

We like our house, we've saved about $500 a month for 10+ years. That's $60,000 more for the retirement account.

 

[movie zombie]

be very careful re co-ops......I understand they work well in places like NYC....heck there is even one here in the forest and it has been here for ages [small homes originally built as summer homes]. a co-op can make an HOA look like a walk in the park. at least with a condo you own the air space. with a co-op everyone owns everything even though what one pays is broken out by how much space one occupies.

http://www.bankrate.com/brm/news/real-estate/condos1.asp


they are not one and the same.

and make sure to read the fine print on everything!

 

[kgizo]

If you find a condo you want to put an offer on get copies of the last few minutes of the board meetings. There may be a special assessment coming up (at mine there was an initiative to replace all the balconies) or there can be lots of complaints about the same thing (parking, noise, etc). There might be a treasury report which can give you insight about over or under funding. I've lived in condos and houses, and it just depends on what suits your lifestyle at that point in time. It sounds like a condo may be a good option for you.

 

[ChristineRose]

There are plenty of places where even houses have HOA fees. All those gated communities gotta pay the guard somehow.

Be careful, because a fee that is considered high (as compared to a town's average fee) will make it harder to sell. And that high fee will make it appear to be a "good deal" because the price is lower than comps.

We like our house, we've saved about $500 a month for 10+ years. That's $60,000 more for the retirement account.

But you also have to pay (with hours or otherwise) to mow the lawn, shovel the snow (unless of course you're one of those sunland people --WE have to pay to shovel the snow), fix the roof, the porch, and so on. I assume you did not hit $500 a month...BUT...

My condo fee is $230 a month and the only reason it's that high is that it's a 100+ year old building and it constantly needs weird repairs like rebuilding the ceramic roof drains. Our highest single expense is actually all that snow. Things that drive up fees in nearby complexes include elevators, doormen, and pools. Of course if you have a house you can forego the elevators and doormen unless you really want those, and conversely if you want the pool, you can get the pool. But if you match the extras, item for item, it's always cheaper to split it with your neighbors. Even if you think that nearby condo was spending their $500 a month on something you didn't want, your buyer may disagree.

 

[movie zombie]

If you find a condo you want to put an offer on get copies of the last few minutes of the board meetings. There may be a special assessment coming up (at mine there was an initiative to replace all the balconies) or there can be lots of complaints about the same thing (parking, noise, etc). There might be a treasury report which can give you insight about over or under funding. I've lived in condos and houses, and it just depends on what suits your lifestyle at that point in time. It sounds like a condo may be a good option for you.

actually, rule of thumb is to get the association minutes for the last year.

 

[Indylady]

I go through this analysis with my clients all the time, and you're right that there is a lot to take into account.

You may want to make a list of all the things that go into the assessments and figure out what they would cost you if you paid them for a house. E.g., water is included in your assessment; what would it cost you if you owned a house? And do that with everything that's included. Your homeowner's insurance could be significantly different in a condo or a house. Also consider commuting costs, which may be more if you live in a house further out from your office if you work in a downtown setting.

Many condo associations are building a reserve for future projects (roof repair, windows, etc.) so take into account the amount that you would spend for those things too in a house over time. You may be disciplined enough to set aside $X each month to build your own "reserve" for future home repairs, but many people are not and when that $20,000 bill comes from the roofer it's a bit of a shock.

Then here are variables that don't have a dollar figure attached to them... security of living in a communual situation vs. privacy of not having your neighbords knowing your every move... having your packages securely received by someone in your complex versus having boxes left on your front door... so many more.

I'm not sure what location you're in but here (in Chicago) there are different levels of assessments depending on the type of building you're in. High rises with door staff, pools, gyms, on-site management, etc., cost $$$$$ while courtyard buildings without all of those things cost less in assessments. Age of the buidling and construction style are also very important (e.g., brick buildings cost more in terms of tuckpointing on a periodic basis than do some other types of buildings).

That being said, you made the important point that you could live in an area of town that's more appealing if you were in a condo that if you were in a house. Lifestyle is priceless. I go through the same analysis myself every time I move and *for me* living in a condo downtown is "worth more" than having a house in the 'burbs.

Thank you DeeJay! I really appreciate the breakdown. You are absolutely right that home repairs cost a lot of $$, a topic that I thought about briefly but that doesn't have the same initial sticker shock as an HOA, because I obviously wouldn't know until that kind of problem arose. The concept of security vs. privacy, what you chose to do with your space in a home vs. a condo and restrictions that come with condo HOA contracts, etc. are all things to weight. Overall, though, location is the one factor that keeps bringing me back to a condo rather than a house. There is definitely a lot of think about.

 

[Indylady]

If I have my way, we will NEVER buy again. It's not been an "investment" at all, and we've seen no positives whatsoever. If renting is out of the picture on our next move, it will be a condo we buy. Never again will we buy a house. But like I said, I never want to buy again.

That said--the Condo sounds like it's more in line with your needs, and more in line with your wants as well, so that's where I'd go vs going further out of town to get a house that doesn't really meet your needs or wants.

Wow, that is such a definitive comment! Would you be willing to elaborate? I'd really appreciate hearing about your experiences as I navigate this huge (and expensive) process.

 

[Roxy]

before purchasing any condo complex one must:

1-read the CC&R's: this tells you the rules which might limit your ability to rent it out, have a pet, etc. read these thoroughly because you will be held to them. this is the time to ask any questions if you don't see something addressed in them. the CC&R's are the "bible" of how the condo complex is run.

2-make sure there is enough "reserve" in the budget to cover unexpected costs such as damage not covered by insurance to the outside structure. this is the one thing that many HOA's do not do.

3-understand that your dues may be $300-$700 per month now but due to unexpected expenses those dues can and will be raised to cover costs should the need arise. also, there are times with HOA's that it becomes necessary for a big line item expenditure and there can be a lien put on your condo to cover that should you not pony up the big $ at the time it is due.

I don't know what state you are in but make sure to read up as much as possible on your state laws regarding HOA's and their management. try and find reports of those living in the condo complex you are considering to see what they think of the HOA Board of Directors and past issues with the complex and how they were resolved.

I too think there is a time and place for condo ownership......however, it really requires a lot of due diligence on the part of the buyer and I highly recommend attending HOA Board Meetings.

#1 is the BEST advice ... READ the paperwork carefully to understand all of the rules/regs that you're signing up to before you purchase anything (condo or house). We live in an HOA community (single family homes) and we ask that the CC&Rs be included in any of the paperwork when a house goes on the market just to avoid problems w/ new buyers.

 

[Roxy]

I do not agree that condos increase in value, in general, more than single family homes. That could be true in certain large metropolitan areas where homes are too far from the center city, but everywhere we have lived, condos were not a good investment but were probably on par with paying rent. We know people now who simply cannot unload condos. Single family homes on land are definitely a better investment where we have lived.

I think condos are great for single people who don't want the hassle of maintenance and desire a particular location where that would be the better option. But I'd do everything I could to try to find a place with fees on the lower end of the amounts you posted!

It's just a statement of fact based on price levels. As a group, condos have outperformed homes. There are plenty of places and situations where paying rent turned out to be the better investment as well.

I understand what you are saying, but unless we know the market she is buying in and what the prices are there, that statement may or may not be applicable to her. My point was that real estate prices vary widely depending on location, so generalizations aren't really helpful. She needs to know the numbers for her own area if she is concerned about investment and resale, etc.

DS is right, it's very market-specific. Owning homes has proven to be a great investment for DH (and for me w/ this house), but condos/townhouses aren't popular where we live at all. Now, Northern VA is another story altogether LOL !

 

[Indylady]

before purchasing any condo complex one must:

1-read the CC&R's: this tells you the rules which might limit your ability to rent it out, have a pet, etc. read these thoroughly because you will be held to them. this is the time to ask any questions if you don't see something addressed in them. the CC&R's are the "bible" of how the condo complex is run.

2-make sure there is enough "reserve" in the budget to cover unexpected costs such as damage not covered by insurance to the outside structure. this is the one thing that many HOA's do not do.

3-understand that your dues may be $300-$700 per month now but due to unexpected expenses those dues can and will be raised to cover costs should the need arise. also, there are times with HOA's that it becomes necessary for a big line item expenditure and there can be a lien put on your condo to cover that should you not pony up the big $ at the time it is due.

I don't know what state you are in but make sure to read up as much as possible on your state laws regarding HOA's and their management. try and find reports of those living in the condo complex you are considering to see what they think of the HOA Board of Directors and past issues with the complex and how they were resolved.

I too think there is a time and place for condo ownership......however, it really requires a lot of due diligence on the part of the buyer and I highly recommend attending HOA Board Meetings.

Excellent advice, and definitely great advice to find minutes association meetings.Thank you so much MZ! Renting looks better and better by the post.

 

[ame]

If I have my way, we will NEVER buy again. It's not been an "investment" at all, and we've seen no positives whatsoever. If renting is out of the picture on our next move, it will be a condo we buy. Never again will we buy a house. But like I said, I never want to buy again.

That said--the Condo sounds like it's more in line with your needs, and more in line with your wants as well, so that's where I'd go vs going further out of town to get a house that doesn't really meet your needs or wants.

Wow, that is such a definitive comment! Would you be willing to elaborate? I'd really appreciate hearing about your experiences as I navigate this huge (and expensive) process.

Sure. Short answer: it was NOT a good investment and was a HORRIBLE financial decision for us. For starters, this house should never have appraised to allow our purchase price at the number we paid. Or even within many thousands.

Besides that, this house is a damn money pit, and it sounds like ALL houses are, really. I don't want maintenance, I don't want yardwork, I don't want waterproofing drama, those cost money, and by cost money I mean more than the stupid thing is worth, yet do nothing to increase the equity of the property. This particular house had a lot of things that were not disclosed and were deliberately hidden to avoid disclosing. They were VERY well hidden, because the former owners hired an inspector to help them find the problems that would cause issues, and then they built structures to prevent those problems from being found until after closing because you can't just rip into a wall of someone's house. Ironically, we hired this same inspector for another project later, and he actually said "how was this not repaired before you bought the house." We showed him the photos, and the inspection report from the inspector we had, and he said no inspector could have found any of this stuff because of the way they hid it, and by the time it was discovered we had no legal recourse despite having his paperwork indicating what he found in that house. We've sunk more money into repairing this house than it's ever been worth. And it's gained no value on it's own despite the housing market sucking because it wasn't worth what we paid in the first place.

The school district we live in is great, and wins lots of awards, but the suburb itself has just gotten crappier, and that's not helping. We've had several houses on our street go into foreclosure, and some flippers bought them for 30 and 40K. Then they resold them for about 60-70k after doing some work on them, and these are houses that should've sold for at least double based just on square footage. That really nails the value of the properties around them.

I didn't want to buy in the first place. I don't want to be stuck in a situation where I am on the hook for a property, and have to actually do maintenance on it. But beyond that, I want the ability to move if my neighbors moving in near me suck. We had a great neighbor on one side of us til recently. The people that moved in recently are ridiculous, and call the cops and county to report everything--ie if you don't cut your grass to the height HE wants it to be, in a schedule he deems appropriate (so if it needs to be done every three days, that's his opinion), he actually calls and reports that you've blighted your property. The fact that I just cannot leave within so many months bugs me.

So bottom line for us was: maintenance is expensive, homeowners insurance doesn't cover as much as you think it will and there's always some exception, property values are BS, neighbors are nuts and the ability to move away from them within a year is ideal.

 

[WinkHPD]

Hi all! I've been doing some preliminary research to buy a condo in a big city--the plan is to keep an open mind now, but hopefully commit in about one or two years as I near paying off student loans. The HOA fees for condos range from $300-$700. This usually includes water, security, maintenance of the building and common areas, waste, etc. and/or some combination of those things. Those costs do make sense, but over 10 years, I'll easily be paying $50k in HOA fees. That seems like a lot, but perhaps I'm just having sticker shock. Living in a condo lets me live in a 'prime' area of the city, and save a lot of home costs like lawn maintenance, etc. but, fees on the upper end of the scale make me think maybe I should continue renting rather than look for a condo. Buying a house in this city isn't much of an option--I definitely couldn't get the kind of location I can with a condo, and likely I can't afford much either unless I go pretty far out. Do you, or have you owned a condo, and do you think the fees are worth it? What makes you prefer a condo over a home?

Dang! $300 - $700 per month just for fees? Makes me glad I bought our house when Resa and I were puppies.

Got the whole 2,000 Sq Ft house and about a third of an acre for $42,500. House payment itself was less than $300 per month but by the time we paid it off the taxes and insurance had driven it up to about $600.

We have been offered as much as $295,000 for it, but someone can buy it after they carry Resa and I our feet first. Resa has redone the downstairs bath and built a walk in changing room/closet for herself and when she remodeled the kitchen 30 years ago she turned the house into a home with the heart of the home in the kitchen. We had a party for a Rotary Group Study Exchange and along with the exchange group, Rotarians from our club, hosts of the visiting exchangees we must have had 80 people scattered around the house. Most popular location, the kitchen with about fifteen people jammed around the kitchen table most of the night. It seemed like every one at the party spent some time at the kitchen table.

Our children grew up in this house and now my grand children come to visit. I love my life, my wife and my house.

But of course I live in a small city where things are much cheaper than in LA or NY.

Good luck which ever way you go, I hope you end up somewhere that allows you to build many happy memories.

Wink

 

[movie zombie]

look to buy a house because you want a home.
do not buy a house because it is an investment for something in the future.
seriously.
this is a very old rule of real estate that has never been disproven.
if you are lucky and your property appreciates, great.
if it doesn't also great because you had the use of and created lots of good times in your home.

ame had a very bad experience but it is a learning experience. the telling line is that she never wanted to buy it in the first place. always Always ALWAYS listen to what your gut is telling you. NEVER trust that someone is on your side when it comes to real estate. everyone is there to part you from your $. EVERYONE. that the prior owner covered up problems to avoid disclosure was at least in this state illegal. however, try and prove it and the legal fees will eat you alive. appraisals are always optimistic because everyone wants to see the loan go through. again, everyone is looking to make $ on a property sale. it is good to remember, again, that everyone is out to part you from your $.

you wouldn't buy a diamond w/o doing research. there is a lot about buying a house and property that just gets overlooked by many.

and neighborhoods do and will change over time....nothing one can do about that but do more research and note the trends.

homeownership is not for everyone. even condo ownership isn't for everyone because the buyer is still responsible for the interior of their unit.

the important thing is to know what you are getting into and if it really is for you.

the good thing about renting is that you can move w/o consequences. you can leave town and not worry about what to do with the condo. you can change location to a different complex. you don't have responsibility for an interior space other than to keep it clean and call the owner to make repairs or fix plumbing.

there is no right and no wrong. it is what works for the individual/couple.

but i'll come back to it once again: do not buy your residence as an investment. it is your home. your space. your retreat. your entertainment center. whatever you want it to be. want an investment property? buy it AFTER you have your home. and do not put your home at risk for that investment property. I've seen too many people lose their home because they over extended to buy investment property.